Rules E 8-23

Question 1

E-8 c 1-3

Answer 1

• Broker is responsible for ensuring all advertising is accurate and complies with copyright laws
• every viewable website page must contain Broker name, Team name (if applicable) and Brokerage Firm name
• expired listings must be removed from the website within 3 days after expiration (not business days, calendar days!)

Question 2

E-8 c 4.

Answer 2

• Broker is responsible for ensuring information provided to a third party is accurate, if third party is authorized to advertise on broker’s behalf.
• broker must submit a written request to third party to have an expired listing removed within three days of expiration

Question 3

E-8 c 5.

If a Broker is advertising or communicating through social media

Answer 3

• Brokers name, Team name (if applicable) and name of Brokerage firm must be used
• Broker isn’t required to disclose again to the same specific client once Broker has disclosed the Broker’s name and Brokerage firm to that client
• when it’s not reasonable to disclose the above in electronic advertising because of limited space, Broker will disclose clearly and conspicuously on the Broker’s webpage to which the advertising links, within the first mouse click

Question 4

E-8 d

Answer 4

General advertising recapping sales activity over a period of time in a given subdivision or geographical area must:

• cite source of the data
• include a disclaimer that not all reported sales were necessarily listed or sold by the broker
• are intended only to show trends in the area or shall separately identify the Broker’s own sale activity

Question 5

E-13

Sign crossing

Answer 5

• you can’t negotiate a sale, exchange, lease or listing contract with an owner for compensation if you know the owner has an unexpired contract with another licensee
• if owner contacts you regarding the sale or lease, and you haven’t initiated the discussion, than you can negotiate terms of a future listing, or listing that takes effect when existing listing expires
• you can’t negotiate a purchase, exchange or right to buy contract with a buyer if you know the buyer has a written, unexpired right to buy contract with another licensee
• if a buyer contacts you, initiating the conversation, than you can negotiate the terms of a future right to buy contract to take effect after the current agreement expires

Question 6

E-15

No broker right to earnest money return

Answer 6

• when owner fails, refuses, neglects or is unable to consummate the transaction as provided for in the contract, for any reason
• and through no fault of buyer the transaction can’t be closed, broker has no right to the earnest money deposit, even though the commission’s been earned
• EM should be returned to the buyer at once
• look to the seller for compensation

Question 7

E-18

Fees from mortgage lenders

Answer 7

Licensee shall not accept, directly or indirectly, any payment for placing a loan with a lender in any transaction where the licensee received or is entitled to a commission from sale of real estate.

Question 8

E-19

Fees from the title insurance companies

Answer 8

If a licensee received or is entitled to be paid compensation, no referral from a title company can be paid

Question 9

E-20

Answer 9

• property list price must be set by owner

- price quoted for the property shouldn’t be anything other than what’s agreed upon with owner(s) as listing price

Question 10

E-23

Payment to out-of-state brokers

Answer 10

A licensee who cooperates with a broker licensed in another sate or country can pay a finder’s see or share of a commission if:

• the other broker must reside and maintain an office in the other state or country
• rules applies to payments made to residents of another country who doesn’t license RW brokers, but represents they sell RE in that country
• all advertising, contracting, negotiation ect must be conducted in the CO broker’s name
• monies collected from the parties prior to closing must be deposited in the name of the licensed CO broker